US-based Apache Corporation announced it will cease operations in the North Sea by the end of 2029, attributing the decision to the newly increased windfall tax on oil and gas profits. The company’s operations have been affected by the Energy Profits Levy (EPL), which recently rose to 38%, making production financially unviable. Apache has halted new drilling since last year and now aims to focus on decommissioning its assets responsibly. The UK government intends to shift towards cleaner energy while increasing contributions from the oil and gas sector during this transition.